By Cris Larano
MANILA--Philippine conglomerate Ayala Corp. (AC.PH) said Tuesday it is selling investments in three companies that build small hydroelectric projects around the country.
Ayala said wholly-owned AC Energy Holdings Inc. is selling its 70% stake in power firms QuadRiver Energy Corp., Philnew Hydro Power Corp. and PhilnewRiver Corporation to partner Sta. Clara Group.
Sta. Clara has a 30% interest in each of the three companies.
Ayala didn't provide financial details on the transaction and didn't say why it was sellingits stakes.
Just before Christmas, however, a consortium that included AC Energy won a bid for the geothermal assets of Chevron Corp. in the Philippines and Indonesia.
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(END) Dow Jones Newswires
January 02, 2017 21:39 ET (02:39 GMT)
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